The check cashing industry has grown considerably over the years. In addition to check cashing, other services are typically provided, such as money orders, wire transfers, etc.
Unfortunately, with the increase of check cashing services, fraud and other crimes have grown considerably. For example, situations may arise where an individual makes several copies of a check and attempts to cash the copies at several check cashing locations in a single day. In other situations, an individual may attempt to cash another person's check by representing his/her self as that other person.
Many check cashing services may have the ability to verify account information before cashing a check. However, other than relying on prior relationships with individuals that cash checks periodically, such as pay checks every two weeks, etc., or hand-written notes, these check cashing services typically lack sophisticated technology to prevent fraud, resulting in lost money and wasted time and resources.
Furthermore, many check cashing operations tend to rely on manual methods for performing many tasks associated with check cashing and other money processing services. These methods are highly susceptible to error, and may result in lost money or fines for lack of compliance with government regulations.